Field Notes on
Closed-End Funds

Investment insights and market analysis for institutional investors

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Essential Reading

Industry Insights
5 min read

Investing Principles Issue #2: Unlocking Value in Closed-End Funds

In 1979, our founder, Thomas J. Herzfeld, wrote the first of7 textbooks on the subject of
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In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of closed-end fund investing.  As a result, he has since then been widely regarded as “The Father of Closed End Fund Investing” and the asset management firm he launched, Thomas J. Herzfeld Advisors, Inc. (“Herzfeld Advisors”), remains a leading authority on CEFs to this day.  In honor of Mr. Herzfeld’s celebration of 50 years in the industry, we are launching a series of papers that look back at his original investment ideas and demonstrate how we continue to use those investment themes for the benefit of our clients to this day.  We hope you enjoy this series.  Of course, we are always happy to provide additional information on our services.

Contact us at info@herzfeld.com for more information.

Industry Insights
5 min read
The Discount Perspective - April 2026
We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a new monthl
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We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a monthly update focused on discount and premium levels across the closed-end fund universe. Each edition highlights key trends we’re observing and provides context around how market dynamics are evolving.

News
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Morningstar Ratings™ are out for Q4/2025: Thomas J. Herzfeld Advisors, Inc received 5-S...
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Morningstar Ratings™ are out for Q4/2025: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for four investment strategies.

News
5 min read
Bloomberg: Muni Bond Funds Set Up for 20% Gains Even After November’s Surge
Leveraged closed-end funds rallied with broader market Steep discount, Fed cuts, activi...
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Leveraged closed-end funds rallied with broader market Steep discount, Fed cuts, activism seen powering returns

Municipal bond funds that use borrowing as a way to juice returns had a banner month in November, surging almost 12%. Some market watchers say that’s only just the start.

Leveraged closed-end muni funds rallied along with the broader market as evidence of slowing job growth and cooling inflation convinced traders that the Federal Reserve’s rate-rise cycle is over. Further gains may be in store should the central bank pivot to cutting rates next next year, as many now expect.

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News
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5 min read
WSJ: Why It Pays to Write Shareholder Reports Well
WSJ Study shows that a poorly written shareholder report will hurt a share price. Daisy...
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WSJ Study shows that a poorly written shareholder report will hurt a share price. Daisy Maxy, of The Wall Street Journal, interviews Erik Herzfeld.

News
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5 min read
Citywire: "Research radar: four managers rising up our ratings"
Citywire showcases three eye-catching portfolio managers who have earned a Citywire rat...
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Citywire showcases three eye-catching portfolio managers who have earned a Citywire rating based on their risk-adjusted returns.

News
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5 min read
Citywire: "Research radar: four managers rising up our ratings"
Citywire showcases three eye-catching portfolio managers who have earned a Citywire rat...
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Citywire showcases three eye-catching portfolio managers who have earned a Citywire rating based on their risk-adjusted returns.

News
All
5 min read
Bloomberg: Trump Tantrum Sends Muni Closed-End Fund Discount to 1-Year High
Bloomberg's Martin Z. Braun interviews TJH Portfolio Manager Ryan Paylor about discount...
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Bloomberg's Martin Z. Braun interviews TJH Portfolio Manager Ryan Paylor about discounts in the closed-end fund municipals space.

News
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5 min read
WSJ: Pricing Oddity Has One Manager Advising Clients Not to Buy His Fund
Daisy Maxy and Ben Eisen interview with Erik Herzfeld about the growing number of close...
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Daisy Maxy and Ben Eisen interview with Erik Herzfeld about the growing number of closed-end funds trading at premiums, and where to find opportunity.

News
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5 min read
WSJ: Lofty Closed-End Premiums Touch Off Alarm Bells
The Wall Street Journal article by Daisy Maxy featuring Erik Herzfeld
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The Wall Street Journal article by Daisy Maxy featuring Erik Herzfeld.

From our desk
to yours.

We share exclusive insights on closed-end fund opportunities and market trends. A quick, valuable read for institutional investors and family offices.

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